Limited Drilling Leaves Questions as Tempest Advances Remorse Development

A Milestone for Remorse

Tempest Minerals Ltd (ASX: TEM) has reached a significant milestone with the announcement of its inaugural inferred resource estimate for the Remorse Magnetite Iron Deposit, part of its flagship Yalgoo Project in Western Australia. The estimate stands at 63.5 million tonnes grading 30.6% iron (Fe), marking the transition from exploration to resource definition within months of discovery.

This maiden resource, classified as inferred due to the relatively limited drilling data, provides a foundational platform for Tempest to advance development studies and explore potential mining operations. The deposit remains open at depth and along strike, suggesting substantial upside as further drilling is planned.

Geological and Operational Context

Located within the Warriedar Fold Belt of the Yalgoo-Singleton Greenstone Belt, the Remorse Deposit is a large magnetite iron formation discovered in 2024 during drilling initially targeting base metals. The geological setting is typical of the region’s rich mineral endowment, with the deposit characterized by multiple steeply dipping magnetite lenses extending from surface to depths of nearly 300 metres.

Mining assumptions underpinning the resource estimate are based on conventional open pit methods, reflecting the deposit’s surface outcrop and favorable strip ratios. This approach aligns with regional operations and supports the reasonable prospect for eventual economic extraction (RPEEE).

Metallurgical Outlook and Strategic Partnerships

While metallurgical testwork is ongoing, Tempest has assumed processing parameters consistent with nearby magnetite deposits such as Karara and Sino, anticipating concentrate grades around 68% Fe with low impurities. The medium grain size of the mineralized rock bodes well for standard magnetite processing techniques.

Importantly, Tempest has signed a memorandum of understanding with GreenSteel and Iron Pty Ltd, a mid-west steel developer, to explore processing synergies. This partnership could accelerate the pathway from resource to production by leveraging shared infrastructure and expertise.

Resource Growth Potential and Next Steps

The current resource estimate is based on 21 reverse circulation drill holes totaling 4,005 metres, spaced approximately 500 metres apart. The company highlights that reducing the iron cut-off grade from 28% to 20% could increase the resource tonnage by up to 67%, underscoring the deposit’s scale and flexibility.

Tempest plans further drilling to extend the resource along strike and at depth, alongside advancing metallurgical testing, environmental approvals, and economic studies. These steps will be critical to refining the project’s development potential and confirming its commercial viability.

Managing Director Don Smith expressed confidence in the rapid progression from discovery to resource, noting the advanced metallurgical studies and strategic collaborations that position Tempest to evolve from explorer to developer.